Melbourne-headquartered Honan Insurance Group, which also has operations in New Zealand and Asia, is being acquired by Marsh for an undisclosed sum.
In its announcement, Marsh said Honan chief executive Andrew Fluitsma (pictured left) will report to Marsh Pacific CEO Nick Harris (pictured right) on completion of the deal later this year. Marsh is snapping up 100% of Honan’s outstanding share capital, including the 80% stake owned by private equity firm TA Associates.
“This transaction is good news for both our clients and colleagues who will benefit from the combination of our experience with Marsh’s global resources and solutions,” commented Fluitsma. “It is also significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients.
“With the support of TA over the last three years, Honan has undergone a period of accelerated growth, completing several acquisitions and increasing revenue and profitability… The senior leadership team at Honan are committed to this exciting next phase of growth within Marsh.”
Honan, aside from its Melbourne base, has offices in Sydney, Brisbane, Perth, Adelaide, Darwin, Newcastle, Auckland, Singapore, and Kuala Lumpur. Operating since 1964, Honan specialises in corporate risk, employee benefits, and strata and real estate insurance.
“The addition of Honan’s highly complementary capabilities, particularly in corporate risk and strata insurance, will enable Marsh to deepen the specialist expertise we provide to clients across Australia and New Zealand, and support them in managing the risks they now face,” Harris said.
“We have the highest regard for the management and team at Honan and, together, we will provide a best-in-class suite of solutions to our clients. We look forward to welcoming Andrew and his team to Marsh.”
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